World Atlantic Monetary Group has raised greater than $2.4bn of third-party capital for its second reinsurance co-investment automobile, known as Ivy Co-Make investments Car II (Ivy II).
With the transfer, the corporate has concluded the method of elevating funds for Ivy II.
World Atlantic will use the fund for its traders. It would additionally use its personal steadiness sheet to assist life and annuity reinsurance offers.
World Atlantic mentioned Ivy II shareholders are set to profit from its expertise within the reinsurance sector, in addition to its relations with shoppers, underwriting capabilities and others.
Moreover, a KKR subsidiary will act because the funding supervisor for the property of Ivy II’s reinsured liabilities.
It will allow traders to make the most of KKR’s funding experience and scale.
Ivy II’s investor base options totally different gamers similar to sovereign wealth funds, pensions, endowments, insurance coverage corporations, household places of work and high-net-worth people.
It capabilities because the reinsurance market for reinsurance offers sourced, negotiated and underwritten by World Atlantic subsidiaries.
The independently operated automobile makes use of World Atlantic’s reinsurance experience and employs its co-investment framework to assist life and annuity companies with their capital, threat administration and strategic objectives.
World Atlantic Monetary Group chief technique officer Phil Sherrill mentioned: “This can be a nice time to convey extra capital to the business, and we’re thrilled that our strategic partnership with KKR has allowed us to broaden the group of traders in World Atlantic and Ivy II.
“With entry to Ivy II’s dedicated capital, we are able to do extra to serve our reinsurance shoppers in a rising market.”
